EQ Bank: 2.05% for a 90-day or 180-day GIC, registered or non-registered | Page 2 | EQ Bank | Discussion forum

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EQ Bank: 2.05% for a 90-day or 180-day GIC, registered or non-registered
February 19, 2022
12:42 pm
Alexandre
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HermanH said
I can think of a few reasons not to like EQ:

1) log-in process always demanding e-mail verification
2) The portal logs you out quickly and you have to go through the annoying re-login process.

I don't have these issues in my banking with EQ. I use EQ app on Android, Edge browser on Windows.
I login to EQ at least once a day. I would have been quite annoyed if I had to experience what you say you do.

Once funds are pulled into EQ, the hold period does not allow them to be moved between other EQ accounts

I agree with Norman1: Interac for small amounts one needs to use right away. That's what I do.
As for large amounts, while they are on hold they collect EQ Savings account interest.

February 20, 2022
9:25 am
Norman1
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Alexandre said

I agree with Norman1: Interac for small amounts one needs to use right away. That's what I do.
As for large amounts, while they are on hold they collect EQ Savings account interest.

According to Savings Plus Account Fees & Features, one can accept an incoming Interac e-Transfer of $25,000 at EQ Bank. The challenge is that the sending of up to only $3,000 as an Interac e-Transfer seems to be offered to personal banking clients.

February 20, 2022
10:46 am
savemoresaveoften
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i am waiting for the 5biz days hold.... sigh

February 20, 2022
10:49 am
COIN
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savemoresaveoften said

i am waiting for the 5biz days hold.... sigh  

How much interest are you getting during the 5 day hold?

February 20, 2022
12:52 pm
savemoresaveoften
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COIN said

How much interest are you getting during the 5 day hold?  

1.25%

February 20, 2022
1:27 pm
smayer97
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savemoresaveoften said

i am waiting for the 5biz days hold.... sigh  

Note that EQ has stated in the past that as long as you have money there before a promo ends, you can still get the promo after the hold period if you call in... they have honoured the promo rate.

You can call to confirm if they still do that.

February 20, 2022
1:30 pm
smayer97
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Incoming Interac limits are CUMULATIVE.... so a $25K limit means that you can only receive that much from multiple sources combined.

February 20, 2022
5:08 pm
Norman1
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The incoming limit is not cumulative at EQ Bank:

Inbound Interac e-Transfer® e-Transfer $25,000 per transaction
February 25, 2022
10:12 am
cgouimet
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Unfortunately, EQ Bank do not offer joint GIC's.

CGO
March 3, 2022
6:07 am
TommyT
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It appears inflation will accelerate in America or turn to hyperinflation once the midterm elections are over this November. Meaning Ontario real estate won't implode and EQ bank is safe from insolvency. If I'm wrong about inflation EQ Bank would top the list of banks that would need a bailout or would simply go bankrupt. Short term is the way to go and we'll find out the answer to inflation once the midterm elections are over in America this November. I'm 100 percent certain as if "by magic" inflation will fall in America leading into the midterms this year only likely to skyrocket after the midterms are over at the beginning of 2023 and beyond. If I'm right a short term peak in interest rates will be the middle of 2024 when rents will not be a factor in the CPI in America. The rents will have worked their way completely in the CPI by then. So rates could start to fall around the middle of 2024 for say a year or so before heading back up again as Jerome Powell will always be behind the interest rate curve. Rates could rise almost indefinitely as hyperinflation takes place in America. So a short term lull or drop in interest rates around the middle of 2024 for a year or so then rates will head higher. I don't believe the interest rate hiking cycle will end in 18 to 24 months but will go on for years on end. America is looking at hyperinflation and the wage price spiral reminiscent of the mid to late 1970's and Canada is looking at endless stagflation.

March 24, 2022
3:09 pm
Dean
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whattaworld said

EQ now offering 2.05 on 3 and 6 month GICs  

EQ's 6 month (180 day) GIC rate has been Reduced to 1.50% .

Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

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